Totally agree.
In the end, it's not surprising if places where cash‑back isn't paid start to appear.

Perpetual Protocol (PERP)
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Some crypto cards are desperate to earn Perp fees to keep their core card business alive, shifting resources elsewhere.
From a long‑term perspective, the underlying DeFi protocols or chain operations appear more stable, and those running a card business seem better 🤔
As you say.
If it were like DeFi where depositing funds yields yield and other side effects, that might be acceptable, but especially given the recent Perp point situation, it’s truly better not to have it. Proceeding on the basis of an airdrop leads to “who said what” issues.
That said, for airdrop enthusiasts, if there’s no airdrop they’ll likely only interact with specific Perps, and consistently picking up airdrops from the flood of new projects is quite difficult, so from that perspective it’s a trade‑off.
Even with settlements of 100 million, you only receive a 360,000 JPY affiliate commission, so the crypto settlement market doesn't see affiliate earnings heat up as much as perp.
Reference(ethefi)
Stage 1: 0.3%
Stage 2: 0.06% (20%)
I can envision a future where excellent cards like tria and ethefi are OEMed, with a few percent fee added for sale, w
moto's bold cut-off policy for those below 5000 u/month feels good https://t.co/iKxZk0VpSv
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